Turkey Earthquake Causes $43 Billion in First-Half Insurance Losses, Reports Munich Re

25 days ago
Turkey Earthquake Causes $43 Billion in First-Half Insurance Losses, Reports Munich Re

In the first half of 2023, natural disasters such as a devastating earthquake in Turkey and Syria, along with tornadoes and hailstorms in the United States, led to insurance losses totaling $43 billion, according to a report by Munich Re released on Thursday.

According to Munich Re, the world’s largest reinsurer, the figure for insured losses in the first half of 2022 is slightly lower than the $47 billion recorded during that period. However, it surpasses the 10-year average of $34 billion.

In the first half of the year, the total losses, including uninsured losses, amounted to a staggering $110 billion, which is well above the 10-year average.

The earthquake in Turkey and Syria, in which some 58,000 people were killed, was the largest contributor to insured and uninsured losses incurred in the first half of 2023 at $40 billion.

A series of severe thunderstorms in the U.S. brought destructive tornadoes and hailstorms that resulted in $35 billion in insured and uninsured losses, according to Munich Re.

Though the El Nino weather pattern is contributing to higher temperatures, Rauch said that “the global trend towards higher water and air temperatures is predominantly driven by climate change – with increasing weather catastrophes and financial burdens as a result.”

(Reuters)


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